A bank connected to leftwing billionaire Tom Steyer is giving loans to illegal immigrants using a financial loophole—claiming it’s a way to fight “systemic racism", according to the Daily Wire.
Beneficial State Bank, based in Oakland, California, offers loans to immigrants without legal status by using Individual Taxpayer Identification Numbers (ITINs) instead of Social Security numbers.
The bank says this is part of its mission to promote fairness. “Beneficial State Bank is committed to addressing financial inequalities that disproportionately affect communities of color, a result of centuries of systemic racism,” the bank said in its 2022 impact report.
“A key initiative is lending to immigrant customers who may not have Social Security numbers but possess Individual Taxpayer Identification Numbers.” In 2022, it issued $25 million in auto loans to 707 ITIN borrowers.
https://www.zerohedge.com/markets/bank-connected-left-wing-billionaire-giving-loans-illegal-immigrants-fight-systemic-racism